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☆ Bank of America says Amazon shares follow a clear upward pattern heading into Prime Day
▼ + stars: | 2023-06-21 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +3 min

Amazon has made it official: Prime Day will return on July 11 and 12 this year. Most analysts see room for Amazon stock to run, despite its nearly 50% year-to-date gain. Amazon began the Prime Day event in 2015 as a way to boost its Prime membership, and has held it annually ever since. On Wednesday, Amazon shares were trading down more than 1% after the Federal Trade Commission announced a lawsuit against the company, alleging "deceptive" sales tactics tied to the Prime program. A Prime membership costs about $139 a year and includes perks like free shipping and access to Amazon's streaming service.

Persons: Michael Dick, Amazon, FactSet, John Colantuoni, Colantuoni, Doug Anmuth Organizations: Bank of, Jefferies, Web Services, Walmart, Amazon, Rivals, Target, Federal Trade Commission, FTC Locations: U.S

☆ Amazon says Prime Day will run July 11 and 12, introduces invite-only deals
▼ + stars: | 2023-06-21 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Workers retrieve boxes at an Amazon fulfillment center on Prime Day in Raleigh, North Carolina, U.S., on Monday, June 21, 2021. Amazon will hold its annual Prime Day mega sale on July 11 and 12, the company announced Wednesday. For the first time, Amazon will offer invite-only deals where members of its Prime subscription club can request an invitation to access discounts on items that typically sell out fast. Prime Day deals will also appear on other retailers' websites through its Buy with Prime program, which enables third parties to add Amazon's payment and fulfillment services to their own site. Amazon launched Prime Day in 2015.

Persons: Jason Del Rey Organizations: Prime, Amazon, Walmart, Amazon's, Adobe Analytics, CNBC Locations: Raleigh , North Carolina, U.S

☆ Opinion: A tail of two cities – how Parisians and New Yorkers take on rats
▼ + stars: | 2023-06-15 | by ( David A. Andelman | ) edition.cnn.com time to read: +6 min

Indeed, if there’s one attribute shared by New York and Paris it’s rats. The mayor of Paris is forming a committee to look into the cohabitation of the city's citizens with its notorious population of rats. Thomas Samson/AFP/Getty ImagesNot surprisingly, there are some who believe ridding the city of rats with traps and rat poison is utterly inhumane. In contrast, Boulard with his anti-rat vengeance, sounds more like the mayor of New York than the mayor of Paris. Of course, Paris has a far longer history than New York with rats.

Persons: David A, Paris CNN —, David Andelman, Tony, ”, Pont, Pont Royal they’ve, I’ve, Anne Hidalgo, Geoffroy Boulard, quartiers, Boulard, Thomas Samson, PAZ, Douchka Marcovitch, Eric Adams, Ben Regenspan, Adams, Hidalgo’s Organizations: CNN, French Legion of, The New York Times, CBS News, Paris CNN, David Andelman CNN, America’s, Paris Olympics, Pont Royal, Paris’s, hyperlocal, Getty, New York Times, Twitter, Facebook Locations: France, Paris, New York, Raspail, Tuileries, AFP, Manhattan

CNN —The armorer on the set of the movie “Rust” likely was hungover when she loaded a prop gun used by actor Alec Baldwin that fired a live round of ammunition during a rehearsal, killing cinematographer Halyna Hutchins, prosecutors said in a court filing. Witnesses told investigators Hannah Gutierrez Reed “was drinking heavily and smoking marijuana in the evenings during the shooting of Rust,” prosecutors said in the Friday filing. Gutierrez Reed will plead not guilty to two counts of involuntary manslaughter in connection with the October 2021 shooting, an attorney for her has said. A final decision on charges against Baldwin would be made before August 8, prosecutors said in the Friday filing. Through their respective attorneys, both Gutierrez Reed and Halls accused Baldwin of deflecting blame onto others.

Persons: Alec Baldwin, Halyna Hutchins, Hannah Gutierrez Reed “, ”, Gutierrez, Gutierrez Reed’s, Gutierrez Reed, Joel Souza, Jason Bowles, ” Bowles, “, Baldwin, ” Kari Morrissey, Jason Lewis, Mr, Luke Nikas, Alex Spiro, Hannah, Jae C, CNN’s Chloe Melas, Dave Halls, ” Baldwin, Hutchins ’, Baldwin –, Matthew Hutchins, “ Rust ” Organizations: CNN, ” CNN Locations: Mexico, Santa Fe , New Mexico, New Mexico, Montana

☆ Western companies still operating in Russia were so profitable in 2022 that their corporate taxes contributed almost $4 billion to the country's revenues
▼ + stars: | 2023-06-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 100 largest Western companies still operating in Russia posted $13 billion in profits in 2022, per Novaya Gazeta. Profits jumped 54% from 2021 and the firms contributed $3.5 billion in corporate taxes in 2022. The top 100 Western companies that remained in Russia made so much money that they contributed nearly 288 billion rubles, or $3.5 billion, in corporate taxes in 2022, according to a June 8 report from Novaya Gazeta Europe. The biggest taxpayers were US, UK, and French companies who paid 40 billion, 47 billion, and 55 billion rubles, respectively. Like TotalEnergies, BP, and Raiffeisen Bank, many Western companies are still trying to leave Russia.

Persons: —, TotalEnergies Organizations: Novaya Gazeta, Companies, Raiffeisen Bank, Service, Novaya Gazeta Europe, Austria's, Bank, Reuters, Yale University, Financial Times Locations: Russia, Novaya, Ukraine, Moscow, Europe, TotalEnergies

☆ Morning Bid: Central bank bonanza, stocks on a roll
▼ + stars: | 2023-06-11 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +2 min

Asian markets will turn their attention to a series of central bank meetings after ending last week on a buoyant note. Even beaten-up China stocks managed to end higher on Friday, buoyed the automobile and technology sectors, even as disappointing inflation data weighed on investor sentiment. Reuters Graphics Reuters GraphicsBut investors will largely be girding for the run of major central bank meetings later in the week. A day after its U.S. counterparts, the European Central Bank is expected to raise rates by another 25 basis points, with traders seeking clues about next steps. Ahead of the central bank bonanza, the U.S. dollar had slid back after strengthening in May.

Persons: Lewis Krauskopf, Kazuo Ueda, Diane Craft Organizations: Japan's Nikkei, Reuters Graphics Reuters, Federal, European Central Bank, Bank of Japan, U.S ., India CPI, Thomson, Reuters Locations: Lewis, China, Japan, India, U.S

☆ TikTok reportedly wants to take on Amazon and 4x its shopping business this year — but it faces big challenges
▼ + stars: | 2023-06-08 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +3 min

It seeks to grow TikTok Shop from $4.4 billion in sales last year to up to $20 billion this year, Bloomberg reports. It faces big challenges in the US market where livestream shopping hasn't caught on. The global roll-out of TikTok Shop has faced some setbacks, however. The major social platforms like Instagram and YouTube have struggled to make livestream shopping a habit among US consumers. If TikTok hopes to ride the livestream shopping wave to go head-to-head with Amazon, something will have to change drastically in the way Americans shop.

Persons: TikTok, Patrick Nommensen, Insider's Marta Biino, Nommensen, Instagram Organizations: Bloomberg, Morning, TikTok, Street Journal, Financial Times, YouTube Locations: Southeast Asia, Indonesia, Asia, Europe, TikTok

☆ Stingy European savers will help the ECB, not LVMH
▼ + stars: | 2023-06-06 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

LONDON, June 6 (Reuters Breakingviews) - Pandemic-era lockdowns and government stimulus have left euro zone citizens with 1 trillion euros in extra savings. That will leave consumer goods giants like $445 billion LVMH (LVMH.PA) downcast, but the European Central Bank pretty pleased. Euro zone citizens put as much as 1 trillion euros – or 8% of GDP – in their piggy banks since the health emergency, according to Oxford Economics’ estimates. Finally, euro zone savers have been favouring the higher returns offered by illiquid assets instead of sticking with easily accessible cash. These investments account for 33% of euro zone citizens’ total financial assets, compared to 30% before the pandemic.

Persons: can’t, –, lockdowns, Christine Lagarde, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, Oxford Economics, White House, –, Federal Reserve Bank of San, San Francisco Fed, Walmart, United Airlines, American Airlines, U.S, U.S . Federal, Allianz, BMW, stingy, Thomson Locations: U.S, Ukraine, Federal Reserve Bank of San Francisco, U.S ., Europe, Germany, France, Italy, Spain, That’s, Asia

☆ Why it's not that great that everyone is flocking to their online bank
▼ + stars: | 2023-06-03 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Smaller and regional banks are important for the US financial system. "Regional banks have a combination of regional knowledge and expertise that makes lending more efficient," C. Michael Zabel, a former executive at M&T, the Buffalo-based regional bank, told Dealbook in April. Broadly, regional banks are staring down two main headwinds. In the first quarter, Ally Financial and Goldman Sach's Marcus online bank saw them rise, while regional-bank powerhouses like US Bank, Truist Financial, and Citizens Financial saw deposits fall, according to The Wall Street Journal. The pressure on regional banks hasn't abated yet.

Persons: Goldman Sachs's Marcus, Wells, Michael Zabel, Dealbook, They're, Goldman Sach's Marcus, they've, Bankrate's, we'll, Robert Hockett Organizations: Morning, Citibank, bonanza, Bank, Truist, Citizens, Wall Street, Silicon Valley Bank, First, JPMorgan, Western Alliance ., Federal Deposit Insurance Corp, Fed, Bloomberg, Cornell University, CNN Locations: JPMorgan, Wells Fargo, Buffalo, Silicon, First Republic, PacWest, they're, Wall, San Francisco

☆ Boeing CEO 'not overly anxious' about Chinese narrowbody jet
▼ + stars: | 2023-06-01 | by ( Valerie Insinna | ) www.reuters.com time to read: +3 min

“For us to get overly anxious about that, I think it's a silly prospect.”Boeing should focus on existing competition and position itself to "win that technology race," Calhoun said. Chinese airlines began returning the 737 MAX to service earlier this year. Although all Chinese users have restarted 737 flights, deliveries of the jet have been stalled amid friction between the United States and China. Spirit has been the source of several problems that have stalled Boeing deliveries in recent years, including an ongoing 737 MAX bracket installation flaw that slowed deliveries since it was discovered in April. “We are disappointed with every next issue that occurs that limits our rates and slows us down,” Calhoun said.

Persons: Dave Calhoun, Calhoun, ” Calhoun, “, Valerie Insinna, Ben Klayman, Matthew Lewis Organizations: Boeing Co, U.S, planemaker, Airbus, China Eastern Airlines, SS, Commercial Aviation Corp of China, Boeing, Paris Air, Thomson Locations: CHARLESTON, South Carolina, China, Shanghai, Beijing, United States, Charleston , South Carolina, U.S

☆ Homebuyers might be able purchase a home with less savings — thanks to the two largest US mortgage lenders now allowing down payments of just 1%
▼ + stars: | 2023-05-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

In a stark contrast to the homebuying bonanza of 2021, housing demand has fallen sharply with buyers grappling with a year of higher mortgage rates and stubbornly high home prices. "I was able to win them over with 1% down payment assistance, as well as give them a better rate." "These 1% down payment assistance programs are really making homeownership more affordable for borrowers, Beaubien added." Beaubien said the savings gained from UWM's down payment assistance program is truly making a difference for her clients. "A lot of homebuyers, especially first-time homebuyers, will get discouraged about what the closing costs and down payment may look like," Beaubien said.

☆ Here are stocks to own to take the debt ceiling, bond market out of your investing equation
▼ + stars: | 2023-05-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

Are the travails of the bond market, like Macbeth expounds, a "tale told by an idiot, full of sound and fury, signifying nothing?" The billionaire class — so incorrectly sought after by the media — so often seems to use the bond market as a sort of intellectual cudgel. That's why I always start my discussion on bonds with the simple query of "where are the layoffs, not forget about stocks, think fixed income." Here the bond market polices only those companies that haven't pivoted to making a profit. They, among all sectors, could be pummeled by the bond market freeze and by the consumers' paralysis.

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

☆ Analysis: Australian banks' bid to shake mortgage reliance brings new risks
▼ + stars: | 2023-05-16 | by ( Byron Kaye | ) www.reuters.com time to read: +5 min

"When there's a macroeconomic downturn, it's generally institutional and business lending exposures that are impacted first," he added. For decades, Australian housing finance has significantly outpaced business lending, making home loan margins the engine of profits. A more recent exodus from non-lending retail services like financial advice has further weighted banks' allocation of capital to residential property. The big four banks said in earnings updates this month that their net interest margins peaked in late 2022 and have since narrowed. To hedge against interest rates risks, the Big Four may now chase new services-based revenues from commercial clients in non-lending segments, added Garland.

☆ TPG returns to credit party fashionably late
▼ + stars: | 2023-05-15 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The buyout firm is acquiring Angelo Gordon, an asset manager that specializes in private credit, for $2.7 billion, it said on Monday. The direct-lending portion of its $55 billion credit business emphasizes borrowers with less than $25 million of EBITDA. While it missed the last private credit bonanza, it isn’t saddled with jumbo-size and potentially shaky loans written at the top of the last cycle. As U.S. regional banks struggle, private credit firms see what Blackstone has termed a “golden moment” to muscle in on new turf. Follow @JMAGuilford on TwitterCONTEXT NEWSPrivate equity firm TPG said on May 15 that it had agreed to acquire private credit and real estate-focused investment firm Angelo Gordon for $2.7 billion, including cash and stock.

☆ UK listing shakeup requires double dose of hope
▼ + stars: | 2023-05-03 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

The Financial Conduct Authority isn’t the only watchdog to water down its listing rules, but it has more reasons than most to up its game. The UK prides itself on being a financial hub, but accounted for just 5% of global IPOs between 2015 and 2020. That’s why the FCA is proposing to replace a fiddly two-tier system of standard and “premium” listing rules with a single class. CONTEXT NEWSThe UK Financial Conduct Authority on May 2 published a series of proposals designed to encourage companies to list in the UK. The new framework would remove many investor protections currently required under the premium listing category.

☆ Alphabet, Meta lure back advertisers as smaller rivals expected to struggle
▼ + stars: | 2023-04-27 | by ( Sheila Dang | ) www.reuters.com time to read: +3 min

This year, though, the social media ad market is expected to grow at a slightly faster pace than in 2022, according to a report last month from media and intelligence firm MAGNA. "Advertisers are simply going back to platforms they know, like and trust," said Brian Mulberry, a portfolio manager at Zacks Investment Management. The social media advertising market overall is expected to grow 6% this year to $66 billion, according to MAGNA. Last year, the social media ad market grew 2% in part because privacy updates by Apple Inc (AAPL.O) made it more difficult for advertisers to gather user data to serve targeted ads. Digital pinboard company Pinterest is expected to post a 3% year-over-year rise in quarterly revenue on Thursday, according to Refinitiv data.

☆ Where is Goldman Sachs' David Solomon going on those private jets?
▼ + stars: | 2023-04-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Dakin Campbell compiled flight data on Goldman Sachs' two private planes from the beginning of 2022 through March of this year. Much of the focus on Goldman's jets, as Insider has previously reported, has been Solomon's personal use of them. If Goldman and Solomon are playing by the rules, why does it matter? And while I've written before about corporate jets being the scapegoat for excessive spending, that was moreso regarding business travel. Click here for all the details on where Goldman's two private planes have flown since 2022.

☆ Alec Baldwin: Prosecutors plan to dismiss charges against actor in 'Rust' shooting, Baldwin's attorney tells CNN
▼ + stars: | 2023-04-20 | by ( Chloe Melas | ) edition.cnn.com time to read: +3 min

CNN —Prosecutors in the “Rust” fatal shooting case plan to file a notice to dismiss involuntary manslaughter charges against Alec Baldwin, his attorney, Luke Nikas, tells CNN. CNN has contacted the special prosecutor in the Santa Fe, New Mexico case for comment. Baldwin and “Rust” armorer Hannah Gutierrez Reed were both charged with involuntary manslaughter in January. An attorney for Gutierrez Reed has previously said she will plead not guilty. Prosecutors already removed a firearm enhancement charge against Baldwin and Gutierrez Reed, reducing a potential prison sentence from 5 years to a maximum of 18 months.

☆ Goldman Sachs Misses Out on Lending Bonanza
▼ + stars: | 2023-04-18 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Goldman Sachs CEO David Solomon has said the bank is scaling back its consumer lending business. This quarter illustrates why Goldman Sachs was so keen to get into consumer lending in the first place. But it still has to go backward on that front before it can go forward. Goldman didn’t have a bad quarter, as much of the year-over-year decline in revenue was due to unflattering comparisons with last year’s huge performance in fixed-income trading, deal making and capital raising. Return on equity in its global markets and banking business in the first quarter was still quite strong at an annualized 16.6%, well above the firm’s overall return of 11.6%.

☆ Lululemon has approached Hydrow about a possible sale of Mirror
▼ + stars: | 2023-04-18 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon is looking to sell its at-home fitness business Mirror and has approached competitor Hydrow as a potential buyer, CNBC has learned. A Lululemon company spokesperson said they "don't comment on rumors or speculation." Lululemon announced it would acquire Mirror for $500 million at the height of the at-home fitness bonanza in June 2020. The segment has since rebranded as lululemon Studio but has been weighing on the fitness apparel company's balance sheet. "We view lululemon Studio in the same way we view any innovation.

☆ Alec Baldwin to resume ‘Rust’ production this week
▼ + stars: | 2023-04-18 | by ( Chloe Melas | ) edition.cnn.com time to read: +1 min

CNN —Filming of the movie “Rust” will resume this week. On Tuesday, a spokesperson for Rust Movie Productions told CNN that principal photography of “Rust” is set to resume Thursday at Yellowstone Film Ranch in Montana. Production on the western starring Alec Baldwin came to a halt in 2021, when cinematographer Halyna Hutchins was fatally shot when a prop gun Baldwin was holding fired a live round of ammunition during rehearsal. Baldwin and Souza will also return to finish the project, according to Rust Movie Productions. Baldwin and “Rust” armorer Hannah Gutierrez Reed were charged with involuntary manslaughter in Hutchins’ death in January.

☆ CNBC Daily Open: Don’t be misled by the big banks
▼ + stars: | 2023-04-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

On Friday three big U.S. banks reported better-than-expected first-quarter earnings. Investors weren't misled by big banks' bonanza of incredible earnings. Even though higher rates fueled big banks' earnings, they also expose weaknesses in balance sheets, as Dimon himself warned. In other words, what's good for big banks' income is not necessarily good for the economy. Despite the excitement over the big banks' earnings, then, investors kept a cool head, causing the three major indexes to fall.

☆ CNBC Daily Open: Don’t be fooled by big banks’ earnings
▼ + stars: | 2023-04-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

☆ Trump’s Fund-Raising: From Sluggish to Surging After Indictment
▼ + stars: | 2023-04-16 | by ( Rebecca Davis O Brien | ) www.nytimes.com time to read: +1 min

Donald J. Trump’s presidential campaign took in $14.4 million in the first three months of 2023, part of an $18.8 million haul across his two campaign committees this quarter — a modest sum that captures only the beginning of a fund-raising bonanza set off by his indictment in late March. In the weeks since then, Mr. Trump has raised more than $15 million, his campaign said Saturday ahead of its quarterly filing with the Federal Election Commission — including at least $4 million in the 24 hours after The Times reported his indictment on March 30. A more thorough accounting of Mr. Trump’s post-indictment fund-raising will not be available for months, when the next quarterly filing is due. Still, the latest numbers show that the case against Mr. Trump gave a jolt of energy to his efforts to raise campaign funds, which had been sluggish out of the gate, drawing more than 300,000 individual donations, a vast majority of which were under $200, his campaign said. Mr. Trump had a head start in fund-raising against his current and potential rivals for the Republican nomination, but perhaps more significant is the way his base has rallied around the former president after his indictment, which many of his supporters see as politically motivated.

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